1. Field of the Invention
The present invention relates generally to automated transaction management, and in particular to a system and method for managing e-commerce transactions using an Internet (world wide web) based distributed network with a central exchange server networked to multiple broker computers.
2. Discussion of the Related Art
Various systems and methodologies have previously been developed for managing commercial transactions involving buyers, sellers, brokers, agents and other participants. The objects of the transactions can comprise goods and/or services.
The Internet (world wide web) has produced many opportunities for transacting business quickly and efficiently, as compared to more traditional business transaction methods. Transacting business via the Internet is sometimes referred to as “electronic commerce” or “e-commerce”. Among its many advantages is the ability to provide virtually instantaneous, i.e. “real-time”, communication among the participants. Orders can be instantly taken and processed online from Internet-linked terminals located all over the world.
The instantaneous, real-time aspect of e-commerce particularly lends itself to date-sensitive transactions, i.e. those presenting relatively limited opportunities for concluding transactions. For example, tickets to date-specific events and for date-specific services generally become worthless after expiration. Sporting and entertainment events are typically booked months in advance and tickets are presold through various distribution trade channels and ticket outlets, including e-commerce. The sports and entertainment industries allocate considerable resources to matching ticket demand and supply in order to maximize event attendance and revenue. Although large portions of available seats are presold months in advance, tickets are often in high demand up to the last minute. Therefore, an efficient distribution model for tickets to date-specific events and services would match sellers holding tickets with buyers in the largest possible customer base, and provide instantaneous, real-time access to such information.
Ticket brokers operating in many areas buy and sell tickets to various sports and entertainment events. Although the markets tend to be somewhat localized to particular venues, transactions are routinely done on a national or even international basis. For example, through their web pages ticket brokers may encounter opportunities to purchase tickets from sellers and sell tickets to buyers in global markets. Moreover, ticket distribution lends itself to broker-to-broker (“B2B”) transactions as different brokers trade amongst themselves in order to fulfill specific customer requests. However, automating ticket transactions among brokers with different inventories and marketing objectives can involve handling large amounts of data. A need therefore exists for automating the management of e-commerce transactions involving tickets and other goods and services.
Heretofore there has not been available a transaction management system and method with the advantages and features of the present invention.